This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solic...
Valuation Measures I/II                                                       Market Capitalization & Asset Liability data...
Valuation Measures II/II                                      Price to Book Ratio                   Price to Sales Ratio  ...
18.03.2013Yoma Strategic Holdings LtdYoma Strategic Holdings Ltd. develops real estate, sells private residential         ...
18.03.2013Yoma Strategic Holdings LtdHoldings By:      All           Holder Name         Portfolio Name                Sou...
18.03.2013PTT Exploration & Production PCLPTT Exploration and Production Public Company Limited explores for crude oil and...
18.03.2013PTT Exploration & Production PCLHoldings By:         All            Holder Name                       Portfolio ...
18.03.2013Italian-Thai Development PCLItalian-Thai Development Public Company Limited involves in construction,           ...
18.03.2013Italian-Thai Development PCLHoldings By:          All           Holder Name                 Portfolio Name      ...
18.03.2013Interra Resources LtdInterra Resources Limiteds principal activities are mainly the exploration and             ...
18.03.2013Interra Resources LtdHoldings By:     All          Holder Name         Portfolio Name                Source     ...
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
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Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

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Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

  1. 1. This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations EM Frontier - Myanmar Basket March 2013 Q M S Advisors . . Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  2. 2. Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moodys LT Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moodys LT Credit Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating DateS&P 500 INDEX USD 14368510 1931.296 1118 1118 205 221 221 101.29 110.63 110.63 15.41 15.41 14.11 14.11 18.78Euro Stoxx 50 Pr EUR 2602005 5605.569 4685 4685 762 793 793 230.64 310.29 310.29 19.45 16.13 14.45 14.45 19.81NIKKEI 225 JPY 2507084 186.1428 187 187 19 20 20 5.24 5.49 5.49 0.26 0.26 0.25 0.25 0.12FTSE 100 INDEX GBP 2730303 11797.17 9674 9674 1463 1681 1681 535.09 823.76 823.76 27.50 - 17.86 17.86 22.81SWISS MARKET INDEX CHF 1053111 11139.95 4120 4120 850 844 844 409.45 554.34 554.34 21.35 19.01 15.77 15.77 22.15S&P/TSX COMPOSITE INDEX CAD 1686271 17092.28 7862 7862 1836 2073 2073 792.50 884.78 884.78 15.44 15.44 13.83 13.83 24.20S&P/ASX 200 INDEX AUD 1412009 6836.838 2860 2860 599 696 696 250.43 340.48 340.48 21.58 17.19 15.87 15.87 22.04HANG SENG INDEX HKD 1666231 3317.668 1628 1628 359 409 409 259.32 265.58 265.58 1.41 1.51 1.38 1.38 3.07MSCI EM USD 7822323 1539.533 1068 1068 200 216 216 86.76 95.39 95.39 12.01 13.55 10.93 10.93 20.05YOMA STRATEGIC HLDGS LTD SGD 717.18 7583 647 0.00 0.00 0.00 0.02 0.64 31 43 42 54 7 7 13 13 0.01 0.00 0.01 0.01 113.46 115.57 88.54 77.48 199.59 81.88 - - 12.81 - - - -PTT EXPLOR & PROD PUBLIC CO THB 20555.25 3156 3970 3.91 0.00 0.00 2.38 22.09 7192 7192 7975 8644 5182 5182 1326 1326 0.63 0.57 0.55 0.58 0.31 0.29 0.32 0.30 0.86 0.52 0.90 0.60 2.44 BBB+ 17.02.2011 Baa1 28.03.2011ITALIAN-THAI DEVELOPMENT PCL THB 1383.70 98715 4194 1.00 0.00 0.03 0.08 2.33 1567 1567 1903 2159 133 133 167 167 - 0.00 0.01 0.01 10.41 - 2.10 1.58 0.16 0.06 2.49 0.00 0.29 - - - -INTERRA RESOURCES LTD SGD 147.88 6280 443 0.00 0.00 0.00 0.02 0.10 24 24 31 34 8 8 - - 0.01 0.01 0.01 0.01 29.83 30.42 24.13 16.59 17.99 11.01 82.58 14.82 25.95 - - - -EZION HOLDINGS LTD SGD 1486.36 5822 910 0.45 0.01 0.00 0.11 1.54 127 127 288 410 59 64 - - 0.06 0.08 0.11 0.16 12.99 16.02 9.31 6.28 38.67 - 18.47 140.80 40.36 - - - -THAI AIRWAYS INTERNATIONAL THB 2086.74 61487 2183 5.37 0.00 0.03 0.74 6.75 7077 7077 7450 7917 936 936 - - - 0.10 0.07 0.10 0.34 - 0.44 0.33 0.32 0.01 1.43 0.01 0.45 - - - -THAI UNION FROZEN PROD PUB THB 2524.32 1659 1148 1.18 0.00 0.11 0.05 3.77 3611 3611 4043 4480 322 322 114 114 0.15 0.15 0.18 0.21 0.50 0.52 0.40 0.35 0.28 0.41 0.05 0.78 0.30 - - - -CHAROEN POKPHAND FOODS PUB THB 9171.00 47554 7310 4.94 0.00 0.55 0.41 14.25 12087 12087 13701 15207 523 523 247 247 - 0.09 0.07 0.09 0.44 - 0.56 0.45 2.48 0.82 -0.69 0.83 0.15 - - - -AMATA CORP PUBLIC CO LTD THB 965.90 2892 1067 0.24 0.00 0.08 0.07 1.22 180 180 247 303 65 - 29 29 - 0.05 0.06 0.07 0.67 - 0.55 0.44 1.41 0.34 1.09 0.09 - - - - -BANGKOK BANK PUBLIC CO LTD THB 14986.52 3750 1909 8.30 0.00 0.00 13.58 - 4403 4403 3239 3552 - - - - - 0.59 0.68 0.76 0.45 - 0.39 0.35 0.44 0.26 - - - BBB+ 01.11.2006 - -KASIKORNBANK PCL THB 17736.85 5609 2393 9.40 0.00 0.54 9.65 - 6229 6229 4173 4685 - - - - - 0.50 0.61 0.70 0.50 - 0.41 0.36 0.64 0.69 - - - BBB+ 06.12.2011 (P)A3 13.09.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. Valuation Measures II/II Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to SpotS&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.33 1.28 1.40 9.96 9.96 9.70 8.86 9.96 8.75 8.75 8.08 7.57 8.75 14.11 14.11 12.65 11.44 14.11 2.21 2.21 2.36 2.57 2.21 1675.7 7.4%Euro Stoxx 50 Pr 1.15 1.15 1.09 1.02 1.15 0.74 0.74 0.72 0.70 0.74 5.39 5.39 5.01 4.79 5.39 7.07 7.07 6.69 6.33 7.07 11.16 11.17 10.01 9.15 11.17 4.30 4.30 4.63 4.92 4.30 2898.3 8.3%NIKKEI 225 1.48 1.48 1.38 1.30 1.48 0.69 0.69 0.65 0.64 0.69 9.24 9.24 7.98 7.47 9.24 9.54 9.54 8.34 7.83 9.54 23.45 23.45 18.44 14.35 23.45 1.69 1.69 1.69 1.97 1.69 11810.1 -3.4%FTSE 100 INDEX 1.68 1.68 1.56 1.24 1.68 1.01 1.01 0.97 1.00 1.01 7.88 7.88 7.26 5.27 7.88 7.02 7.02 6.58 6.29 7.02 11.81 11.81 10.72 9.79 11.81 3.89 3.89 4.18 4.64 3.89 6790.8 5.6%SWISS MARKET INDEX 2.39 2.39 2.22 2.04 2.39 2.00 2.00 1.90 1.83 2.00 12.22 12.22 11.19 9.88 12.22 13.21 13.21 12.21 11.40 13.21 14.87 14.87 13.33 12.12 14.87 3.30 3.30 3.66 4.14 3.30 8025.9 3.2%S&P/TSX COMPOSITE INDEX 1.70 1.70 1.57 1.47 1.70 1.59 1.59 1.50 1.44 1.59 8.49 8.49 7.64 7.15 8.49 8.24 8.24 7.29 6.88 8.24 14.16 14.16 12.47 11.46 14.16 3.09 3.09 3.24 3.43 3.09 14548.4 13.4%S&P/ASX 200 INDEX 1.90 1.90 1.80 1.70 1.90 1.82 1.82 1.71 1.62 1.82 11.21 11.21 10.00 9.13 11.21 9.82 9.82 8.63 8.00 9.82 15.29 15.29 13.61 12.48 15.29 4.34 4.34 4.64 5.00 4.34 5136.0 2.4%HANG SENG INDEX 1.32 1.32 1.22 1.16 1.32 1.75 1.75 1.61 1.49 1.75 6.98 6.98 6.46 6.07 6.98 8.11 8.11 7.36 6.86 8.11 10.71 10.71 9.80 9.02 10.71 3.59 3.59 3.90 4.63 3.59 25103.6 13.7%MSCI EM 1.46 1.46 1.33 1.24 1.46 0.98 0.98 0.91 0.87 0.98 6.95 6.95 6.40 6.01 6.95 7.13 7.13 6.54 6.18 7.13 10.93 10.93 9.82 9.13 10.93 5.38 5.38 6.64 8.72 5.38 1190.5 14.2%YOMA STRATEGIC HLDGS LTD 2.63 2.58 2.35 17.10 13.33 9.54 96.88 36.90 22.79 50.40 32.25 18.75 110.71 96.88 32.29 5.16 10.58 10.84 0.75 -2.6%PTT EXPLOR & PROD PUBLIC CO 1.92 1.66 1.47 1.34 2.95 2.58 2.38 2.37 5.68 4.86 4.85 4.58 4.41 3.96 3.64 3.68 3.61 9.51 9.40 8.86 9.56 3.85 4.00 4.25 3.88 180.54 18.0%ITALIAN-THAI DEVELOPMENT PCL 5.06 4.67 4.42 5.54 0.85 0.73 0.64 0.66 20.74 24.38 16.45 13.89 13.13 14.18 513.16 62.10 46.65 0.04 0.21 0.32 0.41 7.10 -27.2%INTERRA RESOURCES LTD 2.07 1.95 1.75 4.71 3.87 3.46 22.13 15.80 14.43 36.88 30.17 20.74EZION HOLDINGS LTD 2.88 2.23 1.76 1.27 9.12 4.13 2.90 2.45 25.79 8.46 8.50 14.33 23.40 10.21 6.70 5.43 20.91 11.64 7.86 6.27 0.19 0.06 0.06 0.06 2.41 24.6%THAI AIRWAYS INTERNATIONAL 0.91 0.85 0.79 0.29 0.28 0.26 0.25 2.42 2.05 1.96 6.81 6.09 5.48 5.48 14.51 12.93 9.66 7.68 1.49 2.13 2.58 2.58 28.40 0.5%THAI UNION FROZEN PROD PUB 2.00 1.83 1.68 1.54 0.68 0.62 0.56 0.51 10.86 9.48 9.40 9.70 11.02 9.63 8.42 7.22 6.95 13.79 11.92 10.25 8.36 3.30 4.07 4.77 5.85 80.53 23.9%CHAROEN POKPHAND FOODS PUB 2.65 2.33 2.13 1.77 0.77 0.67 0.60 0.53 0.44 20.31 13.18 10.86 17.59 20.24 13.70 11.58 9.82 32.96 16.56 13.27 9.80 2.95 3.20 3.99 5.61 38.05 8.7%AMATA CORP PUBLIC CO LTD 3.95 3.03 2.55 2.18 5.40 3.91 3.18 2.67 15.31 12.80 9.21 8.80 17.13 12.36 10.10 9.01 23.24 16.15 13.02 12.16 1.74 2.58 3.37 3.36 28.30 5.8%BANGKOK BANK PUBLIC CO LTD 1.66 1.50 1.37 1.24 1.15 5.03 4.63 4.22 3.83 27.41 23.39 19.65 8.87 13.48 11.63 10.34 9.38 2.92 3.30 3.71 4.17 4.74 244.03 5.2%KASIKORNBANK PCL 2.83 2.37 2.01 1.75 5.03 4.25 3.79 3.48 15.04 11.95 10.23 9.22 14.89 12.22 10.63 9.33 1.56 1.83 2.18 2.65 234.84 7.2% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. 18.03.2013Yoma Strategic Holdings LtdYoma Strategic Holdings Ltd. develops real estate, sells private residential Price/Volumeproperties, and designs, constructs and project manages real estate 1 120.0 Mdevelopments in Myanmar and the Peoples Republic of China. 1 100.0 M 0 80.0 M 0 60.0 M Valuation AnalysisLatest Fiscal Year: 03/2012 0 40.0 MLTM as of: 12/yy 0 20.0 M52-Week High (30.01.2013) 0.93 0 .0 M52-Week Low (21.05.2012) 0.29 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 7583000.00 Current Price (3/dd/yy) 0.775 Market Data 52-Week High % Change -16.22% Dividend Yield - 52-Week Low % Change 171.45% Beta 0.97 % 52 Week Price Range High/Low 81.24% Equity Float 634.41Shares Out 18.03.2013 1157.1 Short Int - Market Capitalization 896.77 1 Yr Total Return 108.26%Total Debt 0.00 YTD Return 9.15%Preferred Stock 0.0 Adjusted BETA 0.970Minority Interest (0.2) Analyst Recs 3Cash and Equivalents 20.08 Consensus Rating 1.667Enterprise Value 806.32 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 14168800YOMA SP EQUITY YTD Change - Average Volume 30 Day 17231070YOMA SP EQUITY YTD % CHANGE - Average Volume 3 Month 19241900 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 Total Revenue 11 15 5 11 39 8 31 52 67 - - TEV/Revenue 6.58x 5.67x 11.34x 3.42x 6.35x 21.79x 6.72x 14.27x 12.57x - - EBITDA 21.0 (0.4) 0.5 (0.0) 7.5 0.9 4.8 16.0 25.0 - - TEV/EBITDA 3.40x 0.00x 111.56x 0.00x 33.32x 48.82x 21.07x 50.40x 32.25x - - Net Income 18.3 1.5 0.5 2.8 6.0 1 8 9 10 - - P/E 3.80x 0.47x 85.26x 13.21x 44.74x 87.41x 14.43x 110.71x 96.88x - - Profitability S&P Issuer RatingsEBITDA 8.24 Long-Term Rating Date -EBIT 7.58 Long-Term Rating -Operating Margin 19.33% Long-Term Outlook -Pretax Margin 15.90% Short-Term Rating Date -Return on Assets 1.30% Short-Term Rating -Return on Common Equity 1.53% Credit RatiosReturn on Capital 1.54% EBITDA/Interest Exp. 10.38Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. 10.00Margin Analysis Net Debt/EBITDA -14.85Gross Margin 29.8% Total Debt/EBITDA 0.00EBITDA Margin 16.0% ReferenceEBIT Margin 14.7% Total Debt/Equity 0.0%Net Income Margin 15.4% Total Debt/Capital 0.0%Structure Asset Turnover 0.19Current Ratio 3.51 Net Fixed Asset Turnover 0.44Quick Ratio 1.99 Accounts receivable turnover-days 84.09Debt to Assets 0.00% Inventory Days 179.76Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 154.47Accounts Receivable Turnover 4.35 Cash Conversion Cycle 118.55Inventory Turnover 2.04Price/ Cash Flow Sales/Revenue/Turnover 400.00 18.0 350.00 16.0 300.00 14.0 12.0 250.00 10.0 200.00 8.0 150.00 6.0 100.00 4.0 50.00 2.0 0.00 0.0 04.04.2008 04.10.2008 04.04.2009 04.10.2009 04.04.2010 04.10.2010 04.04.2011 04.10.2011 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  5. 5. 18.03.2013Yoma Strategic Holdings LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePUN SERGE n/a Co File 263935517 50.02 - 17.06.2011 n/aNOBLE GRAND INVESTME n/a EXCH 26000000 4.93 (16935950) 06.01.2010 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date#N/A N/A Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. 18.03.2013PTT Exploration & Production PCLPTT Exploration and Production Public Company Limited explores for crude oil and Price/Volumenatural gas, develops fields for production, and produces oil and natural gas. 250 16.0 MThe Company is a subsidiary of the Petroleum Authority of Thailand. 14.0 M 200 12.0 M 150 10.0 M 8.0 M Valuation Analysis 100 6.0 MLatest Fiscal Year: 12/2012 4.0 MLTM as of: 12/yy 50 2.0 M52-Week High (03.04.2012) 175.93 0 .0 M52-Week Low (03.08.2012) 143.76 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 3155500.00 Current Price (3/dd/yy) 153 Market Data 52-Week High % Change -13.03% Dividend Yield - 52-Week Low % Change 6.43% Beta 0.99 % 52 Week Price Range High/Low 27.17% Equity Float 1694.00Shares Out 13.02.2013 3970.0 Short Int - Market Capitalization 607407.75 1 Yr Total Return -6.40%Total Debt 115571.87 YTD Return -4.96%Preferred Stock 0.0 Adjusted BETA 0.989Minority Interest 0.0 Analyst Recs 35Cash and Equivalents 70205.14 Consensus Rating 4.057Enterprise Value 652774.49 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 5311380PTTEP TB EQUITY YTD Change - Average Volume 30 Day 5602944PTTEP TB EQUITY YTD % CHANGE - Average Volume 3 Month 6239745 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 138946.9 119962.0 140655.7 169645.8 212536.7 140655.7 169645.8 235662.5 255424.3 56996.0 60336.3 TEV/Revenue 2.38x 4.16x 4.09x 3.77x 3.28x 14.94x 14.70x 2.78x 2.53x - - EBITDA 98153.8 72289.0 100172.8 120864.3 153116.8 100172.8 120864.3 164643.3 179145.5 39190.0 43625.0 TEV/EBITDA 3.38x 6.91x 5.75x 5.29x 4.55x 5.75x 5.29x 3.96x 3.64x - - Net Income 41674.8 22153.6 43773.8 44748.1 57316.0 43773.8 44748.1 63647.1 67230.1 5988.8 13316.7 P/E 8.48x 21.97x 12.72x 12.50x 9.60x 12.72x 12.50x 9.40x 8.86x 9.15x 9.11x Profitability S&P Issuer RatingsEBITDA 153116.82 Long-Term Rating Date 17.02.2011EBIT 106999.06 Long-Term Rating BBB+Operating Margin 50.34% Long-Term Outlook NEGPretax Margin 46.79% Short-Term Rating Date -Return on Assets 10.92% Short-Term Rating -Return on Common Equity 21.71% Credit RatiosReturn on Capital 15.83% EBITDA/Interest Exp. 26.34Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 11.34Margin Analysis Net Debt/EBITDA 0.30Gross Margin 78.2% Total Debt/EBITDA 0.75EBITDA Margin 72.0% ReferenceEBIT Margin 50.3% Total Debt/Equity 35.2%Net Income Margin 27.0% Total Debt/Capital 26.0%Structure Asset Turnover 0.41Current Ratio 1.70 Net Fixed Asset Turnover 0.67Quick Ratio 1.40 Accounts receivable turnover-days 44.76Debt to Assets 19.21% Inventory Days 75.18Tot Debt to Common Equity 35.22% Accounts Payable Turnover Day 22.55Accounts Receivable Turnover 8.18 Cash Conversion Cycle 97.39Inventory Turnover 4.87Price/ Cash Flow Sales/Revenue/Turnover 14.00 180000.0 12.00 160000.0 140000.0 10.00 120000.0 8.00 100000.0 6.00 80000.0 60000.0 4.00 40000.0 2.00 20000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  7. 7. 18.03.2013PTT Exploration & Production PCLHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePTT PCL n/a EXCH 2167500700 65.29 - 16.08.2011 GovernmentSTATE STREET BANK AN n/a EXCH 70150493 2.11 - 16.08.2011 BankBNP PARIBAS SEC SERV n/a EXCH 69183045 2.08 - 16.08.2011 Investment AdvisorTHAI NVDR CO LTD n/a EXCH 66918614 2.02 - 16.08.2011 CorporationABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 48623245 1.46 (1724000) 29.02.2012 Investment AdvisorSTATE STREET BANK EU n/a EXCH 42840022 1.29 - 16.08.2011 n/aBNP PARIBAS SEC SERV n/a EXCH 38780300 1.17 - 16.08.2011 Investment AdvisorSOCIAL SECURITY OFFI n/a EXCH 31938700 0.96 - 16.08.2011 UnclassifiedVANGUARD GROUP INC Multiple Portfolios MF-AGG 24262641 0.73 398300 31.12.2011 Investment AdvisorBANK OF NEW YORK MEL n/a EXCH 20491800 0.62 - 16.08.2011 Investment AdvisorGOVT OF SINGAPORE IN n/a EXCH 16895400 0.51 - 16.08.2011 GovernmentTMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 8679600 0.26 (587700) 29.02.2012 UnclassifiedLAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 3700950 0.11 - 31.01.2012 Investment AdvisorDANSKE INVEST A/S Multiple Portfolios MF-AGG 2787810 0.08 - 31.01.2012 UnclassifiedINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 2526271 0.08 6400 31.12.2011 Investment AdvisorMORGAN STANLEY Multiple Portfolios MF-AGG 1677600 0.05 - 31.12.2011 Investment AdvisorTHRIVENT FINANCIAL F Multiple Portfolios MF-AGG 837100 0.03 237000 31.10.2011 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 800000 0.02 - 26.01.2012 Mutual Fund ManagerAIG INVESTMENT CORP Multiple Portfolios MF-AGG 800000 0.02 - 31.12.2010 Investment AdvisorKWANGSUKSTITH CHITRA n/a Co File 382000 0.01 - 01.01.2011 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateAsia Plus Securities NALINRAT KITTIKUMPOLRAT buy 5 M 225 12 month 16.03.2012Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 200 12 month 16.03.2012DBS Vickers NAPHAT CHANTARASEREKUL hold 3 M 172 12 month 14.03.2012BNP Paribas Equity Research NITHI WANIKPUN buy 5 M 230 12 month 13.03.2012Credit Suisse PAWORAMON SUVARNATEMEE underperform 1 M 169 Not Provided 12.03.2012IV Global KANNIKA SIAMWALLA buy 5 M 212 Not Provided 12.03.2012Kim Eng Securities SUTTHICHAI KUMWORACHAI hold 3 M 174 Not Provided 09.03.2012KGI Securities PIYATHIDA VONGVIVATHCHAI outperform 5 M 212 Not Provided 08.03.2012Krungsri Securities CHARNVUT TAECHA-AMORNTANAKIJ trading 2 M 173 Not Provided 08.03.2012UOB Kay Hian ATHAPORN ARAYASANTIPARB hold 3 M 165 Not Provided 08.03.2012JPMorgan SUKIT CHAWALITAKUL overweight 5 M 206 9 month 01.03.2012CLSA Asia Pacific Markets NARONGPAND LISAHAPANYA outperform 5 M 179 Not Provided 01.03.2012CIMB SUWAT SINSADOK trading buy 5 M 195 3 month 29.02.2012Morgan Stanley MAYANK MAHESHWARI Equalwt/In-Line 3 M 170 12 month 27.02.2012Capital Nomura Securities PATCHARIN KARSEMARNUNTANA neutral 3 M #N/A N/A Not Provided 27.02.2012KT Zmico Securities JAKAPONG CHAWENGSRI sell on strength 1 M 189 Not Provided 27.02.2012Daiwa Securities Capital Markets Co. ADRIAN LOH buy 5 M 216 Not Provided 27.02.2012SCB Securities Co. Ltd. CHAIPAT THANAWATTANO buy 5 M 220 Not Provided 27.02.2012Bualuang Securities THANATTHEP CHANTARAKARN hold 3 M 170 12 month 27.02.2012Kasikorn Securities TANAPORN VISARUTHAPHONG neutral 3 M 180 Not Provided 27.02.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 22.02.2012Goldman Sachs PATRICK TIAH neutral/neutral 3 M 192 12 month 07.02.2012Trinity Securities Co Ltd VAJIRALUX SANGLERDSILLAPACHAI buy 5 M 209 Not Provided 02.02.2012Phillip Securities RUTSADA TWEESAENGSAKULTHAI buy 5 M 198 Not Provided 01.02.2012Thanachart Securities PCL YOUSSEF ABBOUD hold 3 M 176 12 month 01.02.2012Country Group Securities PCL MONGKOL PUANGPETRA buy 5 M 190 12 month 25.01.2012Deutsche Bank THAPANA PHANICH hold 3 M 190 12 month 20.01.2012Globlex Securities Co Ltd ARTIT JANSAWANG buy 5 M 192 Not Provided 10.01.2012Macquarie TREVOR BUCHINSKI outperform 5 U 199 12 month 06.01.2012Citi JIMMY B WONG sell 1 M 150 Not Provided 13.12.2011KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK buy 5 M 196 Not Provided 28.10.2011Finansia Syrus Securities PCL SONGKLOD WONGCHAI buy 5 M 200 Not Provided 27.10.2011Standard Chartered YOSSAVEE SUTTIKULPANICH outperform 5 M 200 12 month 12.09.2011Nomura STEWART CALLAGHAN suspended coverage #N/A N/A M #N/A N/A Not Provided 11.09.2011RBS AVIN SONY hold 3 M 180 12 month 19.07.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  8. 8. 18.03.2013Italian-Thai Development PCLItalian-Thai Development Public Company Limited involves in construction, Price/Volumeproject management, and engineering and design of large-scale civil works and 5 700.0 Minfrastructure projects in Thailand and Southeast Asia. The Companys projects 5 600.0 Minclude industrial plants, building, pipelines, transportation, airport work, 4dams, tunnels, steel structures and telecommunications. 4 500.0 M 3 400.0 M 3 Valuation Analysis 2 300.0 MLatest Fiscal Year: 12/2012 2 200.0 MLTM as of: 12/yy 1 100.0 M 152-Week High (18.03.2013) 9.85 0 .0 M52-Week Low (09.07.2012) 3.04 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 98715000.00 Current Price (3/dd/yy) 9.75 Market Data 52-Week High % Change -1.02% Dividend Yield - 52-Week Low % Change 220.72% Beta 1.36 % 52 Week Price Range High/Low 100.00% Equity Float 2165.80Shares Out 13.02.2013 4193.7 Short Int - Market Capitalization 40888.36 1 Yr Total Return 144.97%Total Debt 29446.46 YTD Return 132.14%Preferred Stock 0.0 Adjusted BETA 1.361Minority Interest 778.6 Analyst Recs 15Cash and Equivalents 2401.71 Consensus Rating 3.667Enterprise Value 68711.67 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 91452620ITD TB EQUITY YTD Change - Average Volume 30 Day #########ITD TB EQUITY YTD % CHANGE - Average Volume 3 Month ######### Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 42854.5 40296.8 36076.3 44247.3 46290.9 36073.4 44247.3 56223.7 63796.1 - - TEV/Revenue 0.68x 0.84x 1.13x 0.86x 0.98x 4.21x 3.48x 1.28x 1.10x - - EBITDA 816.6 1859.8 1748.1 2266.7 3935.3 1722.8 2266.7 4948.3 5234.0 - - TEV/EBITDA 35.93x 18.12x 23.40x 16.78x 11.55x 23.74x 16.78x 13.89x 13.13x - - Net Income (2655.9) (1820.9) 297.9 (1698.5) 126.2 263.8 (1698.5) 683.8 933.2 - - P/E - - 66.29x - 140.00x 68.73x 0.00x 62.10x 46.65x - - Profitability S&P Issuer RatingsEBITDA 3935.28 Long-Term Rating Date -EBIT 2149.46 Long-Term Rating -Operating Margin 4.64% Long-Term Outlook -Pretax Margin 0.69% Short-Term Rating Date -Return on Assets 0.23% Short-Term Rating -Return on Common Equity 1.50% Credit RatiosReturn on Capital 2.07% EBITDA/Interest Exp. 1.72Asset Turnover 0.83% (EBITDA-Capex)/Interest Exp. 0.64Margin Analysis Net Debt/EBITDA 6.87Gross Margin 11.1% Total Debt/EBITDA 7.48EBITDA Margin 8.5% ReferenceEBIT Margin 4.6% Total Debt/Equity 337.0%Net Income Margin 0.3% Total Debt/Capital 75.6%Structure Asset Turnover 0.83Current Ratio 1.06 Net Fixed Asset Turnover 3.14Quick Ratio 0.37 Accounts receivable turnover-days 78.27Debt to Assets 50.32% Inventory Days 39.37Tot Debt to Common Equity 337.03% Accounts Payable Turnover Day 82.05Accounts Receivable Turnover 4.68 Cash Conversion Cycle 35.59Inventory Turnover 9.30Price/ Cash Flow Sales/Revenue/Turnover 35.00 50000.0 45000.0 30.00 40000.0 25.00 35000.0 30000.0 20.00 25000.0 15.00 20000.0 15000.0 10.00 10000.0 5.00 5000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  9. 9. 18.03.2013Italian-Thai Development PCLHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeKARNASUTA PREMCHAI n/a EXCH 820484470 19.56 - 11.04.2011 n/aCHARANACHITTA NIJAPO n/a EXCH 464593640 11.08 - 11.04.2011 n/aSTATE STREET BANK AN n/a EXCH 193803532 4.62 - 11.04.2011 BankTHAI NVDR CO LTD n/a EXCH 107152509 2.56 - 11.04.2011 CorporationVINICHBUTR DIREK n/a EXCH 54000000 1.29 - 11.04.2011 n/aJURANGKOOL THAVEECHA n/a EXCH 45500000 1.08 - 11.04.2011 n/aROENGPITHYA CHAYAPOR n/a EXCH 44088000 1.05 - 11.04.2011 n/aTFB FOR MFC-THAI FUN n/a EXCH 43955900 1.05 - 11.04.2011 n/aKARNASUTA PIYACHAI n/a EXCH 41591750 0.99 - 11.04.2011 n/aCPK INTERNATIONAL CO n/a EXCH 34680000 0.83 - 11.04.2011 n/aKARNASUTA CHAMAIMAS n/a EXCH 34112150 0.81 - 11.04.2011 n/aCHARANACHITTA JITRAP n/a EXCH 33400000 0.8 - 11.04.2011 n/aCHARANACHITTA WALAIT n/a EXCH 33400000 0.8 - 11.04.2011 n/aKARNASUTA PEETI n/a EXCH 33274790 0.79 - 11.04.2011 n/aNORTHERN TRUST CORPO Multiple Portfolios MF-AGG 32065500 0.76 (12791300) 31.12.2011 Investment AdvisorKARNASUTA PRATCHAYA n/a EXCH 32064000 0.76 - 11.04.2011 n/aGOVT OF SINGAPORE IN n/a EXCH 28824400 0.69 - 11.04.2011 GovernmentPANSAICHUE PRAVIT n/a EXCH 28369400 0.68 - 11.04.2011 n/aSAKULCHAIWANICH CHAI n/a EXCH 25350000 0.6 - 11.04.2011 n/aPANRATTANAMONGKOL VI n/a EXCH 24000000 0.57 - 11.04.2011 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateSCB Securities Co. Ltd. KANCHAN KHANIJOU neutral 3 M 4 Not Provided 12.03.2012Capital Nomura Securities RAENOO BHANDASUKDI neutral 3 D #N/A N/A Not Provided 05.03.2012IV Global RATTANA LEENUTAPHONG sell 1 M 4 Not Provided 05.03.2012Credit Suisse CHAI TECHAKUMPUCH underperform 1 M 3 Not Provided 02.03.2012Trinity Securities Co Ltd SURACHAI PRAMUALCHAROENKIT trading buy 5 U 5 Not Provided 02.03.2012Asia Plus Securities PRASIT RATTANAKIJKAMOL hold 3 M 4 12 month 01.03.2012DBS Vickers CHANPEN SIRITHANARATTANAKUL fully valued 2 M 3 12 month 01.03.2012CIMB KASEM PRUNRATANAMALA underperform 1 M 3 12 month 01.03.2012Bualuang Securities CHAIYATORN SRICHAROEN sell 1 M 3 12 month 01.03.2012Kasikorn Securities SORAPONG JAKTEERUGKUL underperform 1 M 3 12 month 01.03.2012TISCO Securities Co., Ltd SANSANEE SRIJAMJUREE hold 3 M 4 Not Provided 29.02.2012Country Group Securities PCL DOME KUNPRAYOONSAWAD trading buy 5 M 4 12 month 25.01.2012JPMorgan MARIA BRENDA SANCHEZ LAPIZ underweight 1 M 2 9 month 12.01.2012Phillip Securities DANAI TUNYAPISITCHAI sell 1 M 4 Not Provided 27.12.2011AIRA SECURITIES CHITRADA LEKHRAPHAN speculative #N/A N/A M 4 Not Provided 27.12.2011Finansia Syrus Securities PCL WORARAT POWPAKA hold 3 M 4 Not Provided 22.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011UOB Kay Hian KOWIT PONGWINYOO buy 5 M 5 Not Provided 17.11.2011RBS GIFT SRISOMBURANANONT buy 5 M 5 12 month 01.06.2011Krungsri Securities CHATREE SRISMAICHAROEN sell 1 U 6 Not Provided 24.12.2010Globlex Securities Co Ltd ARTIT JANSAWANG trading buy 5 M 4 Not Provided 02.08.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  10. 10. 18.03.2013Interra Resources LtdInterra Resources Limiteds principal activities are mainly the exploration and Price/Volumeextraction of petroleum in Myanmar. The company owns the rights to operate two 0 90.0 Moil fields in Myanmar. 80.0 M 0 0 70.0 M 60.0 M 0 50.0 M 0 Valuation Analysis 40.0 M 0Latest Fiscal Year: 12/2012 30.0 M 0 20.0 MLTM as of: 12/yy 0 10.0 M52-Week High (01.02.2013) 0.60 0 .0 M52-Week Low (18.05.2012) 0.22 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 6280000.00 Current Price (3/dd/yy) 0.415 Market Data 52-Week High % Change -30.25% Dividend Yield - 52-Week Low % Change 92.41% Beta 1.47 % 52 Week Price Range High/Low 55.18% Equity Float 307.27Shares Out 18.03.2013 445.6 Short Int - Market Capitalization 184.90 1 Yr Total Return 60.34%Total Debt 0.00 YTD Return 2.47%Preferred Stock 0.0 Adjusted BETA 1.465Minority Interest 0.0 Analyst Recs 0Cash and Equivalents 18.99 Consensus Rating -Enterprise Value 121.49 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7042800ITRR SP EQUITY YTD Change - Average Volume 30 Day 14319330ITRR SP EQUITY YTD % CHANGE - Average Volume 3 Month 17933900 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 17.5 12.6 14.9 24.8 30.4 14.9 24.8 38.2 42.8 - - TEV/Revenue 0.15x 1.75x 0.67x 0.43x - 3.10x 1.28x - - - - EBITDA 4.7 3.2 4.9 4.9 10.0 9.4 6.3 - - - - TEV/EBITDA 0.57x 6.87x 2.01x 2.16x - 0.99x 0.00x - - - - Net Income 1.7 1.5 1.7 8.9 3.0 1.7 8.9 5.0 7.0 - - P/E 10.02x 24.76x 16.38x 2.40x 43.51x 16.43x 2.48x 30.17x 20.74x - - Profitability S&P Issuer RatingsEBITDA 9.97 Long-Term Rating Date -EBIT 5.30 Long-Term Rating -Operating Margin 17.42% Long-Term Outlook -Pretax Margin 17.56% Short-Term Rating Date -Return on Assets 3.94% Short-Term Rating -Return on Common Equity 5.08% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -1.33Gross Margin 34.4% Total Debt/EBITDA 0.00EBITDA Margin 32.5% ReferenceEBIT Margin 17.1% Total Debt/Equity 0.0%Net Income Margin 10.0% Total Debt/Capital 0.0%Structure Asset Turnover 0.39Current Ratio 2.06 Net Fixed Asset Turnover 0.71Quick Ratio 1.56 Accounts receivable turnover-days 72.43Debt to Assets 0.00% Inventory Days 90.52Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 67.21Accounts Receivable Turnover 5.05 Cash Conversion Cycle 95.74Inventory Turnover 4.04Price/ Cash Flow Sales/Revenue/Turnover 18.00 30.0 16.00 25.0 14.00 12.00 20.0 10.00 15.0 8.00 6.00 10.0 4.00 5.0 2.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  11. 11. 18.03.2013Interra Resources LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFLEUR ENTERPRISES LT n/a EXCH 51349000 17.38 12961000 22.07.2011 OtherADRC LTD n/a Co File 38426214 13.01 - 23.03.2010 CorporationSUMODIKORO SUBIANTO n/a EXCH 35000000 11.85 5000000 22.07.2011 n/aBUCKLER ALLAN CHARLE n/a EXCH 3945600 1.34 - 06.02.2012 n/aSARATOGA EQUITY PART n/a EXCH 1560000 0.53 - 22.07.2011 n/aTARGETT LUKE CHRISTO n/a Co File 40000 0.01 - 19.06.2009 n/aADM GALLEUS FUND I L n/a EXCH - 0 (17961000) 22.07.2011 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date#N/A N/A Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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